by Barker Realty, Inc. | Aug 20, 2019 | Property Management Blog, Property Selection, Raleigh Investment Property, Raleigh Property Management
By anyone’s estimate, Raleigh is thriving. Our real estate and housing markets are experiencing a huge boon; our universities are growing and expanding; and increasing job opportunities are drawing young professionals from all over the country. We were curious to know what those jobs are, exactly—so we studied at the Bureau of Labor Statistic’s 2018 report (at the time of this writing, the 2019 report has not yet been released) to study the top occupations of Raleigh residents. Read on to learn more about Raleigh’s diverse career landscape!
Healthcare and Medical Occupations – 47,530 Employees
Raleigh is well-known for its prestigious hospitals and abundant medical research facilities. Patients travel to Raleigh from all over the country to take advantage of services offered by the Duke Raleigh Hospital, UNC REX Hospital, and WakeMed Hospitals. If you work in the healthcare field, you will find that Raleigh is rich in opportunities. (Note: The Bureau of Labor Statistics divides healthcare into two sectors: The Healthcare and Medical sector, and Healthcare Support (such as nurses, aides, and therapy assistants). For this list, we combined the sectors into one umbrella field with a total of 47,530 employees.)
Food Preparation – 59,650 Employees
Like any city, Raleigh has a thriving restaurant scene. Our diverse population has given rise to a diverse array of cuisines, including Indian, Thai, Korean, Mexican, Irish, Italian, Japanese, and Ethiopian—and the list goes on and on! If you’re a foodie who loves to sample new things, you’ll never find yourself without options in Raleigh. And if you’re a restauranteur dreaming of expanding, you’ll find a rich and hungry clientele.
Business and Financial Operations – 59,650 Employees
As we said in the introduction, business is booming in Raleigh. And that means that anyone who has to do with money—Adjustors and appraisers; accountants and auditors; analysts and real estate assessors; financial advisors—will find plenty of open seats here. Raleigh’s financial market is going strong, which is why no time has been better to invest in property.
Sales – 74,590 Employees
So far, the list has included management and financial occupations. Another key component of business? Sales. The #2 occupation in Raleigh is sales work, a sector encompassing retail workers and supervisors; real estate agents and sales brokers; and even telemarketers and models. Our population of young professionals starting out has a lot of demand for household products, appliances, and furniture, and many wealthier demographics retire here and can spend their leisure hours shopping. If you’re considering an investment property in Raleigh, you’ll find tenants with either plenty to spend, and lots of time to spend it; or busy young people with a lot of needs to fill.
Office and Administrative Support – 91,370 Employees
And what is the #1 most common job in Raleigh? The humble office assistant. Yes, of about 630,000 occupations surveyed, a whopping 91,370 perform administrative or customer service work that makes the rest of our lives easier.
The sector is likely so large because it’s so diverse: it consists of administrative support workers; bookkeeping and payroll clerks; bank tellers; customer service representatives; hotel desk associates; ticket agents; police, fire, and ambulance dispatchers; meter readers; postal clerks and mail sorters; legal secretaries, executive assistants, proofreaders…and many more! Surprising as it may seem, most of Raleigh’s employees are quietly in the background, making almost every industry run smoothly.
Looking for Investment Property in Raleigh? Call Barker Today!
If you’re looking to benefit from Raleigh’s thriving economy, call Barker Reality! We are a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. Our experienced agents can help you select an investment property, purchase it, and maintain it. To set up an appointment with one of our skilled property managers, click here.
by Barker Realty, Inc. | Aug 6, 2019 | Property Management Blog, Raleigh Investment Property, Raleigh Property Management, Tips for Property Investors
Raleigh’s thriving real estate boom and abundant career opportunities are drawing young professionals here from all over the country. But what are those jobs, exactly? To find out exactly what Raleigh employees are up to, we took a look at the Bureau of Labor Statistic’s 2018 report, which analyzed 629,570 Raleigh occupations. Below are some of the top industries in the City of Oaks.
Construction and Extraction – 28,420
With so many houses and rental properties going up everywhere you look, it’s no wonder that construction is the 10th most common occupation in Raleigh. Anyone who works in construction and development will find steady business here—from roofing, to flooring, to real estate and beyond.
Management – 31,060
Due to its centralized location and various other benefits, Raleigh is full of business opportunities, and is therefore host to plenty of advertisers, marketers, and managers. If you work in anything corporate or management-related, you’ll never find yourself without job options in Raleigh.
Computer & Mathematics – 35,840
With three major research universities within about an hour of each other, Raleigh is a major hub for science, research, and technology. In fact, Raleigh is smack dab in the middle of an area referred to as the “Research Triangle.” Scientists, students, and researchers flock to this area from all over the world to develop innovations that change lives.
Transportation & Material Moving – 36,450
As we mentioned, one of the best things about Raleigh is its ideal centralized location. To put things in perspective, it takes about 6 hours to drive from Raleigh to Atlanta, and 4 hours to drive from here to Washington D.C.—meaning that whether you’re going North or South, you will probably pass through Raleigh. Similarly, if you’re going across the state from Wilmington to Asheville, or vice versa, you will be able to pass through Raleigh, too. To sum up, all this makes Raleigh a favorite site for transportation, shipping and handling companies who find us extremely convenient to their operations.
Education & Training – 38,010
If you know how many universities and schools are located in Raleigh, our huge quantity of educators isn’t a surprise. Raleigh’s NC State University alone holds 30,000 students; Duke University, UNC Chapel Hill, and Wake Forest University are a few miles away. Raleigh’s primary school system has been nationally recognized for its diversity and innovation, as well. All that means that if you’re an educator or administrator, you’ll have plenty of opportunity.
by Barker Realty, Inc. | Jul 9, 2019 | Property Management Blog, Property Management Company, Raleigh Investment Property, Raleigh Property Management
Investing in property can be personally rewarding as well as profitable. Ideally, prospective landlords can purchase a condo, duplex, or single family home; charge a monthly rent which covers the mortgage payment; and collect a little extra to make a profit. Eventually, if all goes well, you will be able to sell the property for more than you paid for it.
However, with all that said, nothing in life is without risk, and investing in property certainly has its own share of potential issues. Below are some of the most common risks when it comes to property investment, and tips on how to mitigate them.
Risk: The property’s value doesn’t rise over time.
Solution: Choose your property wisely.
The key to making a profit is choosing a good property at the beginning. Try to select a property which is in a low-crime area, has a good school district nearby, and doesn’t need major structural renovations. Not only will this help you find more reliable tenants, it will also ensure that your property value rises enough through the years that you can eventually make money off your investment. A realtor or property management company can help you identify and select a good option.
Risk: You purchase a “fixer-upper”, but end up spending more money on repairs than you make back.
Solution: Avoid “flipping” houses, unless you know what you’re doing.
Popular shows like “Flip or Flop” and “Fixer Upper” have popularized the notion of purchasing a low-cost house, repairing it, and selling it for a profit. However, this strategy rarely works out as well as it does on T.V. Most first-time property owners underestimate the time and money they will have to spend to make a profit, and end up losing much more than they gain. Unless you are very experienced in renovating properties, we recommend avoiding “fixer uppers” and choosing a property that is already in good condition.
Risk: You purchase investment property, but your tenants do not pay their rent on time and cause other problems.
Solution: Screen your tenants carefully.
Even though screening tenants takes more time than simply handing the keys to the first applicant who walks in the door, it is extremely helpful in the long run. Finding reliable, professional tenants who can be depended on to pay the rent on time will help you make a profit and give you peace of mind. Careful screening will also lower your risk of acquiring problem tenants, who may cause property damage or even force you to go through with an eviction. If you do not have time to vet applicants, you can outsource the work to a property management company. Contact Barker Realty today to start the conversation!
To read Part 2 of our series: How to Mitigate Risk in Your Raleigh Investment Property, click here.
Barker Realty, Inc. is a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. To set up an appointment with one of our skilled property managers, click here.
by Barker Realty, Inc. | Jun 18, 2019 | Local Property Management, Property Management Blog, Property Management Company, Tips for Property Investors
Buying an investment property is a great way to generate a healthy income stream. However, it’s not as easy as buying a unit, renting it out, and letting the payments come in. Property management takes a lot of patience and hard work, and if you don’t want it to become your full-time job, your best bet is finding someone for whom that’s the case. A property manager can take all the worry off your shoulders so that you really are making money with minimal stress.
Here are some ways property management companies can make your life much easier!
Tenant Management
Tenants require a significant amount of interaction, especially if you have several at one time. Maintenance issues pop up; rental payments are due; and other tiny issues occur which need to be addressed, lest you risk bad word of mouth or even litigation. A property management firm takes over all day-to-day tenant interactions and responsibilities so that you don’t have to constantly be on call 24/7.
Tenant Acquisition and Eviction
A property management firm will advertise open units, interview and screen prospective tenants, draw up leases, and handle move-ins and move-outs, saving you a significant amount of time and hassles. In the worst-case scenarios, they are also responsible for handling evictions. One big bonus of working with a property management company is that they are knowledgeable in the legal aspects of the eviction process, and will generally know how to proceed better than a new or inexperienced landlord.
Paperwork
For some, one of the best aspects of hiring a property management firm is handing over the paperwork to someone else. A rental management firm can complete all the paperwork involved in finding and screening tenants, checking credit reports, conducting background checks, drawing up lease agreements, and keeping track of monthly rent. If you own an entire building with a high turnover rate, the reduction in paperwork can be well worth the cost of hiring a property management company.
Repairs and Maintenance
As a landlord, you won’t just own a house or building – you will also likely own the land it’s sitting on. In addition to the repair and maintenance of buildings and individual units, you will also need to devote some resources to making sure the land is attractive and well-maintained. That can include planting and keeping flowerbeds; repairing pathways; mowing lawns; installing grass sprinkler systems; and scheduling regular pest control. A property management company can hire the contractors or landscapers that will perform this upkeep and ensure that the work is being performed adequately.
Final Thoughts: Should I Invest in Raleigh Property Management?
If you have the time and expertise to manage your own property, and if you are comfortable being on call 24/7 to handle various issues, you may find that you prefer to manage your property yourself. However, if your time is already booked with other responsibilities, or if you find interacting with people stressful, you are probably better off hiring some outside help. Once you’ve outsourced the work to someone else, you can breathe easy and enjoy the benefits of your investment property!
Barker Realty, Inc. is a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. To set up an appointment with one of our skilled property managers, click here.
by Barker Realty, Inc. | May 21, 2019 | Property Management Blog, Property Management Company, Raleigh Property Management, Tips for Property Investors
If you own a condo, duplex, or other type of investment property, a property manager is a necessity. A good property manager can take all the nitty-gritty details of managing a property off your hands, so you can reap in the rewards with minimal stress and hassle. Since this person will be your right-hand-man (or woman), finding a good manager is extremely important. Here are some tips on finding the best property management company for you.
Ask for References
Property management is quite challenging, so your first priority should be finding someone with experience. A good property management company should have several strong recommendations and references from previous or current clients. While it might be tempting to go with the first property management company you find, this can be a big mistake. An inexperienced property manager won’t be able to predict, and handle, the challenges that lie ahead—such as missed rent payments, insect problems, and maintenance issues, just to name a few.
Ask the Right Questions
During the interview process, it’s important to ask questions that will reveal the applicant’s decision making skills, industry know-how, and personality. Some good potential questions to ask a property management company include:
- What is your process for screening potential tenants?
- How long does it typically take you to fill a vacant property?
- How many units have you managed/are you currently managing?
- What is your process for fulfilling maintenance requests?
- What is your process when a tenant doesn’t pay rent on time?
- Have you ever filed an eviction? If so, did the process go smoothly?
A good property manager should readily have answers to these questions. If not, consider it a red flag that they won’t be able to handle the responsibilities quite as well as someone else.
Hire a Raleigh NC Property Management Company
A good property management firm can significantly lighten the load and take the worry off your shoulders so that you can devote your time and energy to other things. If you would like to learn more about purchasing an investment property in Raleigh, NC, call Barker Realty. We are a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. To set up an appointment with one of our skilled property managers, click here.
by Barker Realty, Inc. | Feb 19, 2019 | Property Management Blog, Property Selection, Raleigh Investment Property, Raleigh Property Management
Raleigh is a booming city with a lot to offer. Its abundant attractions, high-quality school systems, and convenient central location earned it a #3 spot on WalletHub’s list of 2019’s Best State Capitals to Live In this year–the latest in a long list of accolades. WalletHub compared 54 key indicators of affordability, economic well-being, quality of education and health, and quality of life to reach its conclusion. Read on to learn why Raleigh is the perfect place to grow a career or raise a family.
Raleigh’s thriving economy
Raleigh’s economy is diverse and growing. It’s home to major employers like Duke University and Health System, Wake County Public Schools, and Duke Energy Progress. A major hub of science, research, and technology, Raleigh has no shortage of business opportunities. The city’s favorable tax laws make it easy to start a new business.
Raleigh real estate: affordable luxury
Raleigh real estate has been significantly increasing in value over the past few years. Since 2011, the average price of a home in Raleigh has doubled. However, Raleigh real estate is still more affordable than housing in the vast majority of US cities. The thriving real estate market is one of the reasons why so many people are investing in the city.
Top Raleigh schools
Raleigh is home to over 11 colleges and universities, including North Carolina State University, a major research center. Raleigh’s public school system has been nationally recognized for its diversity and innovation, and there are many excellent private schools, charter schools, and early college schools to choose from.
Recreation & activities
Anyone who enjoys being outside will love Raleigh’s mild weather and an abundance of recreational opportunities. Residents can bike, stroll, jog or play ball at many parks and community centers, or hike the mountains close to the area. As for indoor activities, there are countless museums, restaurants, theatres, and historic buildings to explore.
Invest in Raleigh real estate today
With so much to see and do, it’s easy to see why Raleigh was named one of the top places to live. If you’re interested in investing in Raleigh real estate, be sure to call the team at Barker Realty, and one of our associates will be happy to assist you!
